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Our Economy 2020 paints a mixed picture of the North East economy’s performance  

Today, the North East Local Enterprise Partnership (LEP) has published the latest edition of Our Economy, an annual publication which examines the performance of the North East economy and how it is changing over time.

This year’s report has also looked in more depth at how the economy varies across different geographic areas within the region.

Victoria Sutherland, Senior Economist at the North East LEP, explains: “This year, Our Economy is being published at a time of immense change and it provides a baseline showing the performance of the North East economy before the COVID-19 pandemic.

“This year’s report provides data and evidence that we and our partners can use to position the North East for recovery, as we work to bring more and better jobs to our region.”

Each year, Our Economy reviews the North East’s performance across a range of indicators. This is the third year that Our Economy has been published and this year’s report paints a mixed picture of the region’s economic performance.

Our Economy shows that the gap between the North East and the rest of England, excluding London, has widened on a number of indicators, including the value of the goods and services produced per head, employment rate and productivity rate.

In contrast, areas of progress include increasing expenditure on R&D by businesses, increasing proportion of our population qualified to degree-level and above, increased employment in science, research, engineering and technology roles, improved access to superfast broadband and 4G, and increased public expenditure on transport.

The evidence provided by Our Economy is used to inform the work of the North East LEP and partners across the region in delivering the North East Strategic Economic Plan – the roadmap for increasing economic growth in the North East.

Victoria Sutherland added: “What we can see in the report suggests that, even before COVID-19 began to impact the North East, there was a need to do more to grow and develop our economy. 

“Going forward, the focus of our efforts must be to ensure that every part of our region is able to contribute to and benefit from efforts to improve the performance of our economy.”

Our Economy is available to download on the North East Data Hub website and a short video summarising the findings can be viewed here.

ENDS

Home / Our Economy

Looking to the future of the North East economy

We all know about the North East’s magnificent heritage, and the engineering feats that once made the region a global industrial power.

But our plan for the region’s future doesn’t rely on the past. Instead, it talks about the strengths we have today, and the innovations which will enable our economy to thrive now and in the future.

Tomorrow belongs to those who prepare for it today: that’s the thinking behind the North East Strategic Economic Plan – the blueprint for creating 100,000 more and better jobs in our region by 2024.

The Plan draws on the strength of our digital and energy sectors, and the work that’s making the North East stand out in health and life sciences, and advanced manufacturing. These are the areas which will drive the North East economy forwards.

Read the North East Strategic Economic Plan.

Home / Our Economy

North East LEP publishes second, annual Our Economy report

The North East Local Enterprise Partnership (LEP) publishes its second annual Our Economy report today (Friday 10 May) at an event at Crowne Plaza Newcastle.

Providing an update on the current performance of the North East economy and how it is changing over time, Our Economy 2019 also looks at what makes the North East a competitive place for businesses and residents.

Victoria Sutherland, Senior Economist at the North East Local Enterprise Partnership, said: “Our Economy 2019 uses a range of indicators to give us a clearer picture of how our region is performing.

“We’ve been able to look at important factors like how many businesses there are in the North East and whether they are growing, innovating and exporting. We’ve also looked at how many jobs there are in the North East, how many of our residents are in work and the levels of investment into the region.

“By understanding what the statistics tell us about our economy, we can focus our efforts on the most important issues and identify the activities that will help achieve the ambition set out in the Strategic Economic Plan to create 100,000 more and better jobs.”

Each year, the Our Economy report takes a more detailed look at a particular topic. This year it focuses on what makes the North East a competitive place. Being competitive is about providing the right environment for the region’s existing and potential businesses to invest and grow and somewhere individuals can realise their ambitions, building and nurturing confidence.

The evidence in Our Economy shows that innovation, business structure and technological readiness, and efforts to build the skills and capabilities of residents are all key factors underpinning the North East’s competitiveness. It also highlights the assets in the region that contribute to a high quality of life.

The event in Newcastle features keynote speakers including Richie Ramsden, Head of Data Science – Innovation Incubator at AkzoNobel, who considers the North East to be the best place in the UK to undertake data science. Professor Jane Robinson, Dean of Engagement and Place at Newcastle University will speak on how the North East’s universities contribute to the region’s success.

Andrew Hodgson, Chair of the North East LEP said: “Given the political and economic uncertainty we’ve experienced in the last few months, it’s more important than ever we continue to review the performance of the North East economy.

“The data in Our Economy 2019 shows we can have confidence in our approach, but it also identifies the areas, as a region, we need to address, for example, low levels of innovation. This kind of detailed analysis is vital as we continue to develop the North East Local Industrial Strategy in partnership with government.

“Our Economy continues to be an important resource for the region and I’d like to thank everyone that contributed to this year’s report.”

To read the North East LEP’s Our Economy report in full, click here. It provides detail on progress against the North East Strategic Economic Plan (SEP) targets, including the region’s ambition to create 100,000 more and better jobs by 2024. To read the Strategic Economic Plan, click here.